Duo Security raises $70 million, valuing the company at $1.1 billion

(Reuters) - Duo Security said on Wednesday that it has raised $70 million in a Series D financing round from investors including Meritech Capital Partners, Lead Edge Capital and Index Ventures.

The deal valued the cyber-security firm at $1.1 billion, according to Duo, which sells cloud-based software that organizations use to authenticate computer users and check the health of devices before they can access corporate networks.

Business software maker Workday Inc (WDAY.O) will make a strategic investment as part of the round and enter into a technical partnership with Duo, the company said.

Duo has more than 500 employees and over 10,000 customers, including Etsy, Facebook, K-Swiss, Paramount Pictures, Random House, Yelp and Zillow.